What if one junior resource company could combine the discovery potential of a large-scale gold and copper system with a second project approaching revenue generation ?
Hello, I’m Ricki Lee, and this is The Capital Compass. Forge Resources (USOTC:FRGGF) (CSE:FRG) is pursuing two very different opportunities. In Yukon’s Dawson Range Gold Belt, the company has just completed its 2026 drill program at the Alotta Project, where drilling has pointed to multiple potential porphyry centres across a roughly four-kilometre trend — with assays now pending.
This article is disseminated in partnership with Forge Resources. It is intended to inform investors and should not be taken as a recommendation or financial advice.
Meanwhile, in Colombia, Forge is advancing its fully permitted La Estrella coal project, where the underground ramp has reached operational depth and work is progressing towards the coal seams. Joining me to discuss both projects and the catalysts ahead is Forge Resources CEO PJ Murphy. PJ, welcome to The Capital Compass.
PJ: Thanks for having me on, Ricki. I really appreciate this opportunity to update the investors and introduce new people to the story with Forge Resources. So lots of progress over the last 12 months, and I’d like to walk everyone through the major catalysts, four major catalysts coming all within the next few weeks to months.
Ricki: Well, let’s get the ball rolling then for investors discovering Forge Resources for the first time. You have an exploration stage gold and copper project in the Yukon alongside a coal project approaching revenue generation in Colombia. How do these two very different assets fit together within the Forge Resources strategy?
PJ: Well, the package Forge holds has high upside exploration with our gold copper project in the Yukon, lots of upside there. And we combine that with near term revenue in Colombia. So, we’ve got a coal project fully permitted in Colombia. And that combination of having that gold copper upside from the exploration that’s going to be backed and funded through our near term coal project down in Colombia really gives us something that very few junior miners have. So near term revenue as well as a way to explore without dilution. So our money from the Colombian coal operation will fund our exploration. So non-dilutive high upside exploration in the Yukon all being funded from our coal operation in Colombia.
Ricki: And so, speaking of the Yukon, you’ve now completed 2,792 meters of drilling across six holes at Alotta, and your latest work points to multiple potential porphyry centers across roughly four kilometers. So what has this year’s drilling taught you about the scale of the system and what has given you confidence that you could be looking at something significant here?
PJ: This past summer, our drill campaign was a huge success up in the Yukon. So we continue to hit top to bottom mineralization on every single hole over an enormous footprint. So as you mentioned, we got four kilometers by 1.5 kilometers. This drill campaign, we went and did our deepest holes yet. So traditionally, we end up getting excellent mineralization, excellent porphyry style alteration, you know, in the range of surface to 350 meters. We spent the winter with a world renowned expert on porphyry systems. They took all of our previous data points, you know, Geophys, Geochem , all our IP, put it into their model, and they ended up spitting out this 3D model of our property, showing that there’s likely two different centers of this very large porphyry system. That’s where we drilled. And what we found is the deeper we got, the better the veining got, denser stockwork veining, more alteration, better porphyry alteration.
Again, really rich, dense polymetallic sulfide quartz veins and increasing with depth. So assays are pending. We’re very excited. And what we anticipate is that we will be seeing two different centers of this extremely large, very rich, minerally dense system in the Yukon.
Ricki: And the drill is now offsite. The samples have been submitted and investors are waiting for assays like you just alluded to there. What specifically will you be looking for in those results? And when should investors expect to start seeing them?
PJ: So, what we’re expecting is a follow-up of our already excellent results. In previous drill campaigns, we ended up getting 3.4 grams per ton of gold over 45 meters, two grams per ton of gold over 78 meters. And again, all spread out, all step out holes. We haven’t done any infill drilling at all. So we’re expecting based on the visuals from the core that we’ve gotten back, that there will be continued excellent results, both with gold and copper. And that information that we’re going to be getting from these assays will further inform our drilling next summer and beyond.
So, when are we going to get them back? As you know, most of your watchers will know that the Yukon, and especially where we are in the Dawson range, is one of the hottest areas for exploration in the world. So as a result, the labs that we use and the other drillers use are significantly backed up.
We’re in regular contact with the lab and we’re anticipating that we’ll finally start getting some results rolling in. But we expect multiple catalysts with these assays returning over the fall, and we’re very excited to share that with our investors.
Ricki: Let’s move over to Colombia for a second because La Estrella is at a very different stage. You’ve completed the underground ramp to operational depth and started the cross cut towards the coal seams. How close does that bring you to production and what are the remaining milestones you need to achieve before La Estrella can begin generating revenue?
PJ: Ricki, I’m really excited to share this with your viewers. So as you mentioned, we completed our underground ramp. So major accomplishment for our company, completing the underground ramp now allows us to go on a 90 degree turn, the crosscut that will get us to our eight coal seams. So the coal seams run in parallel to that underground ramp. As we do that right-hand turn, we’ll just keep on going through the coal seams. So we’re a mere tens of meters away from the first coal seam. Once we get there, we end up taking the coal, extracting the coal from that coal seam, bringing it to surface. And then for multiple investors in Canada that may not have invested in coal before. So just give you a little bit of the background. These coal seams run for kilometers. So nice, large, six feet by three feet coal seams.
They run for kilometers and that’s why what we’re building underground is going to have a 45-year mine life. So again, fully permitted, near term revenue. Once we get to that coal seam, which will be fairly soon, we’ll be able to extract that, stockpile it on surface, and then we already have an off-take partner. Our off-take partner is one of the largest coal producers in the world. They’ll be traveling right on site to our coal project, picking it up, and then we’ll be in revenue. So when we look at La Estrella, we look at what we’re doing in Colombia, we’ve got four major catalysts coming.
Number one, we get to the coal seams. Number two, we extract the coal, get it on surface. Number three, our off-take partner comes and takes that shipment, continuously will be taking shipments. And then number four, we’re in revenue. So a junior mining company in revenue, and the mine life is 45 years.
Ricki: And so then just to kind of conclude then, PJ, you’ve discussed you have potentially some significant catalysts coming in from both sides of the business. So looking over the next sort of six to 12 months, what would successful execution across those two projects look like for Forge Resources?
PJ: What it looks like is delivering value to our investors. So, continuing up on our excellent results with the Yukon when those assays come in, sharing that with our investors, and with the execution in Colombia, getting the revenue, producing value for our investors, and ramping up that revenue throughout 2026, 2027. So, we’ve got two projects that, in the Yukon, huge upside, gold copper, lots of upside with that project. And then in Colombia, that revenue that will be coming and producing continued revenue and a road towards profitability down in Colombia. So the combination makes us very unique as a junior miner, and going forward, delivering value to our investors also includes non-dilutive exploration in the Yukon. So our own cash from Colombia, funding our exploration in the Yukon, and further delivering value to our investors.
Ricki: Well, PJ, thank you so much for joining us today and giving us an update on Forge Resources.
PJ: My pleasure, Ricki, and I look forward to coming back in the future and giving you more updates as we continue to execute both in the Yukon and in Colombia.
Ricki: And we look forward to seeing you again.
And so, for investors who want to learn more about the company and its projects, you can visit forgeresourcescorp.com. This has been The Capital Compass. I’m Ricki Lee. Thank you for watching and I’ll see you again next time.
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